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2014 Extra Money Challenge

8K views 72 replies 19 participants last post by  CPA-Kim 
#1 ·
Do any of you earn overtime, get tax refunds, have part time jobs?

I get money for teaching extra classes and teaching in the Summer. I'm challenging myself to not spend this extra money of unnecessary "stuff." I will either reduce the principal on my mortgage or put it in my new car sinking fund. This will prove that I'll be able to live comfortably on my retirement.

If anyone wants to join me on this "extra money" challenge, let's go!!!
 
#2 ·
Great idea Kim! I don't earn overtime often but when I do, I will post it here. I am going to put mine towards my savings goal. :)
 
#4 ·
Love this idea and I definitely want to attract extra money this year - and not fritter it away!
 
#5 ·
Okay - me pension insurance reimburses me quarterly for my Medicare payments. I just transferred that Monet into my savings account!
 
#6 ·
i don't work all the crazy hours this year. first time in my career...found myself burning out. if i do get any extra it is going to pay down loans income tax refund goes to fill oil tanks.
 
#7 ·
I seldom get "extra" money, but I do get some.

Tax time: 1/2 of any refund and 1/2 of what dh decides to draw
Extra check #1:
Extra check #2:
Christmas money: 1/2 of whatever dh decides to draw
Bonuses (usually quarterly):

#1 priority: EF
? after that is completed, need to think about it
 
#8 ·
I don't ever get extra money, per say. I get gift cards from daycare parents at Christmas. I get gift cards from taking surveys online. I do get a tax refund each year, and that always goes toward credit card payments, or paying bills ahead. Trying to think of ways to make extra money, not daycare or watching kids, but I work 5:45am-5:45pm and really love my nights for my own kids and their stuff, and weekends for family. Hm.
 
#10 ·
Trying to think of ways to make extra money, not daycare or watching kids, but I work 5:45am-5:45pm and really love my nights for my own kids and their stuff, and weekends for family. Hm.
Selling used clothing that your kids outgrow. Anything you aren't planning on keeping in the house is a salable item. Your kids are at an age with growth spurts... clothes should be able to sell. Outgrown games from what ever consoles. Books.

Daycare items. Somethings just aren't a hit, why keep them? Sell them.

Trying to think of what I do. I am seriously considering learning how to do alterations on clothing, like you I have a daycare, and there isn't really extra to be made unless you work more, but I'm hoping to start cutting back now that the debts are settled, but dh needs to be working. There is decent money to be made for what is really a short amount of time.
 
#11 ·
Of course I say that and one family picked up 50 minutes late the other night. I charge $1 a minute past my closing. They came with $50 in hand today. :)

I should start trying to sell their clothes/books/games. Usually I just donate to goodwill to get them out of here. Last month I had 4 large tupperware with random things from around the house when I cleaned in June. I put them away and if we didnt look in there or need it I was going to donate it. I posted on local facebook garage sale site, FREE and they were gone within minutes. Next time I will charge something. :) Thanks!
 
#12 ·
I have been saying for years that I was hoping to sell things on eBay and have never put forth the energy to just do it. This may be the year.
 
#17 ·
I've decided to throw all my extra cash at the mortgage. I was debating on setting up a new car sinking fund but my mortgage only has a balance of $62,000 and the rate is 5%. I didn't refinance because I thought I'd have it paid off by now. My FICO score is so high I could always finance a car for 0% or close to it without tapping into my liquid cash.....so this is the year of the throw everything extra at the mortgage.
 
#25 ·
I got $10 for doing a telephone survey - works for me! Shall use it to pay off cc
 
#26 ·
My job requires more and more travelling, and that is good for the budget:
-If I use my own car; .675/km. If I get the electric car I'm looking at, that will increase to .7/km.
-$30-$115/day for food. I never spend this much, for shorter trips I try to pack lunch and coffee.
-Travelling usually means extra hours. Last year it was almost 120 hours, in January alone I think I'll get 25 hours.
 
#28 ·
dh got a bonus this payday. my share was $173.
I used it to pay off my ER visit, plus some.
 
#29 ·
Took a extra assignment after school. When I get it in pay it will go to gas money for week. Signed up for more even though I said I wasn't going to do it anymore. Feel foolish passing up easy extra money that would help me reach goals faster.
 
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